Liechtenstein Bank LGT Group saw SFr2.4 billion ($2 billion) of net new money flow into its assets under management in 2004 on the back of s...

Liechtenstein Bank LGT Group saw SFr2.4 billion ($2 billion) of net new money flow into its assets under management in 2004 on the back of strong growth in its alternative investment business, LGT Capital Partners and money flowing into its Princely Portfolio. Total assets under management rose by 7.1 per cent to SFr63.2 billion in 2004. Net profit rose by 38.4 per cent to SFr30.6 million in 2004, compared with 2003. Total revenues rose by 24.6 per cent to SFr527 million. The bank has trumpeted the performance of its Princely Portfolio, which combines traditional and alternative asset allocation. Gross performance of the portfolio last year stood at 13.2 per cent, and from its inception at the beginning of 1999 to end 2004, the portfolio has attained an overall performance of 48.7 per cent. The bank said in a statement: “The successful integration of STG, which is now trading under the name of LGT Swiss Trust Company, means that LGT has strengthened its capacity to offer comprehensive wealth management from a single source. “As a family-owned company, LGT Bank represents private banking in the original sense of the word and, as recognized quality tests have revealed, it is the only bank to provide ‘top-class private banking’ within the entire German-speaking area.” LGT’s chairman Prince Philipp of Liechtenstein said at a media conference on the announcement of the results. “With our ‘wealth-enhancing culture of lasting values’ we are committed to the task of generating, maintaining and increasing wealth.”